NOTES TO THE FINANCIAL STATEMENTS Definition

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NOTES TO THE FINANCIAL STATEMENTS is a detailed set of notes immediately following the financial statements contained in the annual report that expands upon and/or explains in some depth the information contained in the financial statements.

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PURCHASE RETURNS is a contra purchase account that records all credits from returned inventory purchases.

PURCHASE DISCOUNT is a reduction in the purchase price, allowed if payment is made within a specified period.

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